LCC Projects Ltd IPO
Infrastructure Developers & Operators
Price Band
₹139 – ₹146
Lot Size
102
Minimum Bid Quantity
102
Minimum Investment
₹14892
Issue Size
₹427.14Cr
Opens
2026-09-09
Closes
2026-09-11
Listing
17-09-2026
Subscription Status
Qualified Institutional Buyers
7.37 x
Non-Institutional Investor
42.56 x
Retail Individual Investor
18.48 x
Total
20.58 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE1FPN01026
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company primarily engaged in irrigation and water supply projects. The company undertakes projects including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. The company has also executed a metro rail project involving the construction of a station, approaches and viaducts, and is currently executing a mining development and operations project. As of FY26, its order book comprised 103 projects. LCC Projects operates across 12 states in India and has experience in executing projects across varied geographical and terrain conditions. The company has also established a manufacturing unit in Jaspur, Gujarat, for producing precast concrete elements used in infrastructure and construction projects. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Purchase of equipment — Rs 14.69 crore Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company — Rs 180 crore General corporate purposes
Pros
- • The company claims to have developed expertise in executing irrigation and water supply projects across India. Revenue from these projects stood at Rs 3,148.22 crore (87.44%) in FY26, Rs 2,709.29 crore (92.84%) in FY25, and Rs 2,286.27 crore (93.74%) in FY24. As of March 31, 2026, the company had completed 80 projects, including complex projects such as the Kachchh Branch Canal Project, the Dudhai Sub Branch Canal Project, and the Parbati Dam Project. It also claims to have experience in executing dams, barrages, canals, micro-irrigation systems, pipeline networks, and water supply projects across different geographical conditions.
- • The company’s order book increased from Rs 6,268.97 crore as of FY24 to Rs 7,882.17 crore as of FY25 and Rs 7,953.18 crore as of FY26. As of March 31, 2026, its order book comprised 103 projects across irrigation, water supply, and other infrastructure segments, providing visibility into potential future revenue. The company also states that its projects are sourced from multiple government departments and customers across different geographies.
- • The RHP says the company has an in-house design and engineering team comprising 698 qualified engineers and technical personnel as of July 31, 2026. The team supports site assessment, hydraulic and structural design, and project planning. The company uses technologies such as Supervisory Control and Data Acquisition systems, Geographic Information Systems, Global Positioning System technology, AutoCAD, and structural design software for project execution, it states.
Cons
- • The company's trade receivables increased from Rs 156.61 crore in FY24 to Rs 250.17 crore in FY25 and Rs 455.82 crore in FY26. Further, the trade receivables turnover ratio declined from 14.46 times in FY24 to 14.35 times in FY25 and 10.20 times in FY26, indicating slower collection efficiency. Amounts outstanding beyond six months increased to Rs 8.61 crore in FY26 from Rs 0.03 crore in FY25. Delays in recovering receivables could increase working capital requirements and affect cash flows.
- • As of FY26, the company had contingent liabilities of Rs 129.99 crore, representing 14.63% of its net worth of Rs 888.41 crore. If a significant portion of these contingent liabilities materialises, the company may face additional financial obligations, which could adversely affect its cash flows, financial condition and results of operations.
- • The company's debt-to-equity ratio stood at 0.97 times as of FY26, compared with 1.23 times in FY25 and 1.10 times in FY24. High indebtedness could require a significant portion of cash flows to be used for debt servicing and may limit funds available for working capital, capital expenditure and business expansion.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts